Turkiye Inflation Rate Slows for 11 Months, 20% Goal This Year
Turkey’s Inflation slows to Lowest Rate in Over Three Years
ISTANBUL (Yonhap) — Turkey’s inflation rate continued its downward trend in April, reaching its lowest level in over three years, according to data released by the Turkiye Statistics Office on May 5.
consumer prices rose 37.9% last month compared to the previous year, a decrease from previous months. This marks the lowest inflation rate since December 2021, when it stood at 36.1%.
The inflation rate had peaked at 75.5% in May of the previous year and has as been declining for 11 consecutive months.
Turkish Finance Minister Mehmet Simsek acknowledged the positive trend. ”It is encouraging that the inflation rate continues to decrease despite recent domestic and international economic shocks,” he said, as reported by TGRT Haber. He reiterated the government’s target of reducing inflation to 20% this year.
The last time Turkey’s inflation rate was below 30% was in November 2021, when it registered at 21.3%.
Turkey has faced meaningful economic challenges,including an inflation rate that soared to 85.5% in October 2022 and a corresponding decline in the value of the lira. These difficulties arose partly from a policy of low interest rates implemented after the COVID-19 pandemic.
Following the presidential election in May 2023, the Central Bank of Turkey shifted to a more conventional monetary policy, gradually raising the benchmark interest rate to 50.0% in an effort to stabilize prices and the currency. The current interest rate stands at 46.0%.
dk@yna.co.kr
Updated May 5, 2025, 9:22 PM
turkey’s Inflation: A Deep Dive into the Latest Data
Q: What is the recent news about inflation in Turkey?
A: Turkey’s inflation rate is showing a downward trend, reaching its lowest level in over three years, according to data released on may 5th.
Q: What is the current inflation rate in Turkey?
A: In April, the inflation rate was 37.9% compared to the previous year.This is a decrease from previous months, showing a declining trend.
Q: When was the last time inflation was this low in Turkey?
A: The current rate marks the lowest inflation since December 2021, when it stood at 36.1%.
Q: has Turkey’s inflation been decreasing consistently?
A: Yes,the inflation rate has been declining for 11 consecutive months,following a peak of 75.5% in May of the previous year.
Q: What factors contributed to the high inflation in turkey?
A: Turkey has faced meaningful economic challenges, including an inflation rate that soared to 85.5% in October 2022. This was partly due to a policy of low interest rates implemented after the COVID-19 pandemic.
Q: How has the Turkish government addressed the high inflation?
A: the Central Bank of Turkey shifted to a more conventional monetary policy following the presidential election in May 2023. They’ve gradually raised the benchmark interest rate in an effort to stabilize prices and the currency.
Q: How has the interest rate changed recently in turkey?
A: The benchmark interest rate was raised to 50.0%. The current interest rate stands at 46.0%.
Q: What is the government’s target for inflation?
A: The Turkish Finance Minister, Mehmet Simsek, stated the government’s goal is to reduce inflation to 20% this year.
Q: Why is the decrease in inflation considered positive?
A: Finance Minister Mehmet Simsek acknowledged the positive trend, citing that the decrease is encouraging despite recent domestic and international economic shocks.
Q: When was the last time inflation was below 30% in Turkey?
A: The last time Turkey’s inflation rate was below 30% was in November 2021, when it registered at 21.3%.
Q: What are the key milestones in Turkey’s inflation timeline?
A: Here’s a breakdown of key inflation milestones in Turkey:
| Date | Inflation Rate | Key Event/Context |
|—————-|—————-|——————————————————————————————————————-|
| November 2021 | 21.3% | Last time inflation was below 30%. |
| December 2021 | 36.1% | The inflation rate hit its lowest point in over three years. |
| October 2022 | 85.5% | Peak inflation rate. |
| May 2023 | (Peak of previous year) 75.5% | Presidential election occurred; Central bank shifted to a more conventional monetary policy. |
| April (latest) | 37.9% | Lowest inflation rate in over three years. |